FT Vest Gold Strategy Target Income ETF
Name
As of 11/25/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
22.0%
1 yr return
25.6%
3 Yr Avg Return
9.9%
5 Yr Avg Return
N/A
Net Assets
$96.4 M
Holdings in Top 10
98.9%
52 WEEK LOW AND HIGH
$21.8
$18.40
$22.39
Expenses
OPERATING FEES
Expense Ratio 0.85%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/25/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
IGLD - Profile
Distributions
- YTD Total Return 22.0%
- 3 Yr Annualized Total Return 9.9%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 7.9%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameFT Vest Gold Strategy Target Income ETF
-
Fund Family NameFirst Trust Advisors L.P.
-
Inception DateMar 02, 2021
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerHoward Rubin
Fund Description
The Fund seeks to deliver participation in the price returns of the SPDR Gold Trust (the “Underlying ETF”) while providing a consistent level of income through a portfolio substantially composed of short-term U.S. Treasury securities, cash and cash equivalents, and in the shares of a wholly-owned subsidiary (the “Subsidiary”) that holds FLexible Exchange Options (“FLEX Options”) that reference the price performance of the Underlying ETF. The Fund’s investment sub-advisor is Vest Financial LLC (“Vest” or the “Sub-Advisor”). As discussed in greater detail below, the Fund will not fully participate in gains experienced by the Underlying ETF. Additional information regarding the Underlying ETF is set forth below.In seeking to achieve its objective, the Fund, through the Subsidiary, will generally purchase or sell FLEX Options. FLEX Options are customized equity or index option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. In general, an option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the underlying asset (or deliver cash equal to the value of an underlying asset) at a specified price (the “strike price”). The Fund will gain exposure to increases in value experienced by the Underlying ETF through the purchase of call options. As a buyer of these options, the Fund pays a premium to the seller of the options. The Fund will gain exposure to decreases in value experienced by the Underlying ETF through the sale of put options. As the seller of these options, the Fund receives a premium from the buyer of the options. Each of these FLEX Options is expected to have a term of approximately one year. In combination, the purchased call and sold put options generally provide exposure to price returns of the Underlying ETF both on the upside and downside.Additionally, as a means to generate income, the Fund will employ a “partial covered call strategy” that seeks to sell call options having a strike price roughly equal to the value of the Underlying ETF at the inception of the Fund or each subsequent roll of the strategy (such options are said to be “at-the-money”) on only a portion of the notional value of the call options purchased by the Fund. This strategy effectively converts a portion of the upside price return growth of the Underlying ETF into current income. By doing so, the Fund is giving up full participation potential in Underlying ETF gains in exchange for call option premiums. To execute this strategy, the Fund will sell call options with an expiration date less than or equal to approximately one month in the future (the “Target Income Period”). The amount of call options sold by the Fund is based on a calculation designed to result in the Fund generating income over the Target Income Period on the average assets of the Fund from premiums from writing call options that is approximately 3.85% higher annually than the annual yield from one-month U.S. Treasury securities, before Fund fees and expenses.The Fund’s sale of call options to generate the desired level of income affects the degree to which the Fund will participate in increases in value experienced by the Underlying ETF over the Target Income period. The more call options the Fund needs to sell in order to generate the desired level of income, the less the Fund will participate in Underlying ETF gains. This means that if the Underlying ETF experiences an increase in value, the Fund will likely not experience that increase to the same extent, and may significantly underperform the Underlying ETF over the Target Income Period. The degree of participation in Underlying ETF gains will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the call options. The Fund’s rate of participation in Underlying ETF gains is approximately the ratio of the notional value of the Fund’s purchased call options to the notional value of the Fund’s sold call options. For instance, if the notional value of the Fund’s purchased call options is approximately 75% greater than the notional value of the Fund’s sold call options, the Fund would be expected to participate in approximately 75% of the price return gains experienced by the Underlying ETF over the Target Income Period, in addition to providing the consistent level of income. In that same example, for every 10% increase in the value of the Underlying ETF, the Fund would experience an approximately 7.5% increase in value (before Fund fees and expenses). In general, the Fund expects to participate in between 50% and 100% of Underlying ETF gains (before fees and expenses), although such participation is subject to market conditions and may be below those levels.The sale of call options to generate income will not have the same impact on any decreases experienced by the Underlying ETF over the Target Income Period. The Fund expects to fully participate in all Underlying ETF losses (e.g. if the Underlying ETF decreases in value by 5%, the Fund should be expected to decrease in value by approximately 5%, before Fund fees and expenses).General Information on the FLEX OptionsFLEX Options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation (“OCC”). The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk.The FLEX Options that the Fund will hold through the Subsidiary that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF or cash-settle the FLEX Options on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European style options, which are exercisable at the strike price only on the FLEX Option expiration date.The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).The Underlying ETFThe Underlying ETF is an exchange-traded investment trust that holds physical gold bars. World Gold Trust Services, LLC serves as the Underlying ETF’s sponsor and HSBC Bank plc serves as the Underlying ETF’s custodian. The Underlying ETF's custodian may utilize subcustodians that hold the Underlying ETF's gold on its behalf. The Underlying ETF is not expected to pay dividends. You can find the Underlying ETF’s prospectus and other information about the ETF, including the most recent reports to shareholders, online at spdrgoldshares.com.The summary information below regarding the Underlying ETF comes from its filings with the SEC. You are urged to refer to the SEC filings made by the Underlying ETF and to other publicly available information (e.g., the ETF’s annual reports) to obtain an understanding of the ETF’s business and financial prospects.The following description of the Underlying ETF’s principal investment strategies was taken directly from the Underlying ETF’s prospectus, dated October 4, 2022 (“GLD” refers to the Underlying ETF; other defined terms have been modified).The investment objective of GLD is for its shares to reflect the performance of the price of gold bullion, less GLD’s expenses. WGTS believes that, for many investors, GLD's shares represent a cost-effective investment in gold. GLD’s shares represent units of fractional undivided beneficial interest in and ownership of GLD and trade under the ticker symbol “GLD” on the NYSE Arca.GLD is treated as a “grantor trust” for U.S. federal income tax purposes. As a result, GLD itself is not subject to U.S. federal income tax. Instead, GLD’s income and expenses “flow through” to the shareholders, and the Trustee will report the GLD’s income, gains, losses and deductions to the Internal Revenue Service on that basis.At August 31, 2022 the amount of gold owned by GLD and held by GLD's custodian in its vault was 31,582,529 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $53,698,529,317 based on the London Bullion Market Association Gold Price PM on August 31, 2022 (cost—$50,824,771,861).An allocated account is an account with a bullion dealer, which may also be a bank, to which individually identified gold bars owned by the account holder are credited. The gold bars in an allocated gold account are specific to that account and are identified by a list which shows, for each gold bar, the refiner, assay or fineness, serial number and gross and fine weight. All of the GLD’s gold is fully allocated at the end of each business day. GLD’s custodian provides the trustee with regular reports detailing the gold transfers in and out of GLD’s allocated account at the custodian and identifying the gold bars held in GLD’s allocated account at the custodian. Gold held in GLD’s allocated account is the property of GLD and is not traded, leased or loaned under any circumstances.
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IGLD - Performance
Return Ranking - Trailing
| Period | IGLD Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 22.0% | -39.0% | 55.2% | 23.47% |
| 1 Yr | 25.6% | -60.4% | 1743.4% | 22.33% |
| 3 Yr | 9.9%* | -24.7% | 188.9% | N/A |
| 5 Yr | N/A* | -26.1% | 82.1% | N/A |
| 10 Yr | N/A* | -20.5% | 27.8% | N/A |
* Annualized
Return Ranking - Calendar
| Period | IGLD Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.9% | -58.5% | 2475.6% | 5.26% |
| 2022 | -6.5% | -87.8% | 170.8% | 95.29% |
| 2021 | N/A | -38.3% | 438.4% | 0.60% |
| 2020 | N/A | -81.2% | 208.1% | 100.00% |
| 2019 | N/A | -29.0% | 34.3% | 100.00% |
Total Return Ranking - Trailing
| Period | IGLD Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 22.0% | -49.6% | 119.0% | 51.64% |
| 1 Yr | 25.6% | -60.4% | 1743.4% | 22.33% |
| 3 Yr | 9.9%* | -24.7% | 188.9% | N/A |
| 5 Yr | N/A* | -26.1% | 82.1% | N/A |
| 10 Yr | N/A* | -20.5% | 28.7% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | IGLD Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.2% | -58.5% | 2475.6% | 5.26% |
| 2022 | -2.4% | -87.8% | 170.8% | 95.29% |
| 2021 | N/A | -38.3% | 438.4% | 0.60% |
| 2020 | N/A | -81.2% | 208.1% | 100.00% |
| 2019 | N/A | -29.0% | 34.3% | 100.00% |
IGLD - Holdings
Concentration Analysis
| IGLD | Category Low | Category High | IGLD % Rank | |
|---|---|---|---|---|
| Net Assets | 96.4 M | 348 K | 63.1 B | 70.48% |
| Number of Holdings | 7 | 1 | 846 | 86.75% |
| Net Assets in Top 10 | 97 M | 0 | 63.2 B | 82.12% |
| Weighting of Top 10 | 98.90% | 20.7% | 100.0% | 23.19% |
Top 10 Holdings
- United States Treasury Bill 128.48%
- SPDR GOLD SHARES 0.20%
- Dreyfus Government Cash Management 0.10%
- SPDR GOLD SHARES 0.01%
- SPDR GOLD SHARES -0.82%
- SPDR GOLD SHARES -1.65%
- SPDR GOLD SHARES -27.42%
Asset Allocation
| Weighting | Return Low | Return High | IGLD % Rank | |
|---|---|---|---|---|
| Bonds | 128.48% | 0.00% | 96.71% | 6.62% |
| Cash | 1.19% | -81.87% | 100.00% | 69.80% |
| Stocks | 0.00% | 0.00% | 92.26% | 66.23% |
| Preferred Stocks | 0.00% | 0.00% | 0.00% | 56.08% |
| Convertible Bonds | 0.00% | 0.00% | 3.89% | 69.59% |
| Other | -29.68% | -47.59% | 165.73% | 57.05% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | IGLD % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 0.10% | 0.00% | 100.00% | 98.51% |
| Securitized | 0.00% | 0.00% | 36.61% | 71.43% |
| Corporate | 0.00% | 0.00% | 42.72% | 75.19% |
| Municipal | 0.00% | 0.00% | 1.45% | 61.65% |
| Government | 0.00% | 0.00% | 100.00% | 1.50% |
| Derivative | -29.68% | 0.00% | 100.00% | 67.91% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | IGLD % Rank | |
|---|---|---|---|---|
| US | 128.48% | 0.00% | 97.72% | 6.04% |
| Non US | 0.00% | -1.01% | 21.42% | 68.46% |
IGLD - Expenses
Operational Fees
| IGLD Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.85% | 0.10% | 3.08% | 38.46% |
| Management Fee | 0.85% | 0.00% | 1.75% | 83.33% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | 20.55% |
| Administrative Fee | N/A | 0.02% | 0.45% | N/A |
Sales Fees
| IGLD Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 4.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| IGLD Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| IGLD Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 460.74% | N/A |
IGLD - Distributions
Dividend Yield Analysis
| IGLD | Category Low | Category High | IGLD % Rank | |
|---|---|---|---|---|
| Dividend Yield | 7.93% | 0.00% | 44.18% | 35.65% |
Dividend Distribution Analysis
| IGLD | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Annually | Monthly | Annually |
Net Income Ratio Analysis
| IGLD | Category Low | Category High | IGLD % Rank | |
|---|---|---|---|---|
| Net Income Ratio | N/A | -55.71% | 52.26% | 68.31% |
Capital Gain Distribution Analysis
| IGLD | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 01, 2024 | $0.144 | OrdinaryDividend |
| Oct 01, 2024 | $0.139 | OrdinaryDividend |
| Sep 03, 2024 | $0.145 | OrdinaryDividend |
| Aug 01, 2024 | $0.143 | OrdinaryDividend |
| Jul 01, 2024 | $0.139 | OrdinaryDividend |
| Jun 03, 2024 | $0.141 | OrdinaryDividend |
| May 01, 2024 | $0.140 | OrdinaryDividend |
| Apr 01, 2024 | $0.136 | OrdinaryDividend |
| Mar 01, 2024 | $0.132 | OrdinaryDividend |
| Feb 01, 2024 | $0.132 | OrdinaryDividend |
| Jan 02, 2024 | $0.134 | OrdinaryDividend |
| Dec 01, 2023 | $0.133 | OrdinaryDividend |
| Nov 01, 2023 | $0.131 | OrdinaryDividend |
| Oct 02, 2023 | $0.128 | OrdinaryDividend |
| Sep 01, 2023 | $0.133 | OrdinaryDividend |
| Aug 01, 2023 | $0.135 | OrdinaryDividend |
| Jul 03, 2023 | $0.127 | OrdinaryDividend |
| Jun 01, 2023 | $0.138 | OrdinaryDividend |
| May 01, 2023 | $0.119 | OrdinaryDividend |
| Apr 03, 2023 | $0.119 | OrdinaryDividend |
| Mar 01, 2023 | $0.118 | OrdinaryDividend |
| Feb 01, 2023 | $0.123 | OrdinaryDividend |
| Jan 03, 2023 | $0.105 | OrdinaryDividend |
| Dec 01, 2022 | $0.109 | ReturnOfCapital |
| Nov 01, 2022 | $0.096 | ReturnOfCapital |
| Oct 03, 2022 | $0.084 | ReturnOfCapital |
| Sep 01, 2022 | $0.083 | ReturnOfCapital |
| Aug 01, 2022 | $0.083 | ReturnOfCapital |
| Jul 01, 2022 | $0.068 | ReturnOfCapital |
| Jun 01, 2022 | $0.059 | ReturnOfCapital |
| May 02, 2022 | $0.058 | ReturnOfCapital |
| Apr 01, 2022 | $0.055 | ReturnOfCapital |
| Mar 01, 2022 | $0.052 | ReturnOfCapital |
| Feb 01, 2022 | $0.050 | ReturnOfCapital |
| Jan 03, 2022 | $0.051 | ReturnOfCapital |
| Dec 01, 2021 | $0.052 | ReturnOfCapital |
| Nov 01, 2021 | $0.050 | ReturnOfCapital |
| Oct 01, 2021 | $0.049 | ReturnOfCapital |
| Sep 01, 2021 | $0.051 | ReturnOfCapital |
| Aug 02, 2021 | $0.051 | ReturnOfCapital |
| Jul 01, 2021 | $0.050 | ReturnOfCapital |
| Jun 01, 2021 | $0.054 | ReturnOfCapital |
| May 03, 2021 | $0.051 | ReturnOfCapital |
| Apr 01, 2021 | $0.049 | ReturnOfCapital |
IGLD - Fund Manager Analysis
Managers
Howard Rubin
Start Date
Tenure
Tenure Rank
Mar 02, 2021
1.25
1.3%
Mr. Rubin has over twenty years of experience as a portfolio manager. Mr. Rubin joined Cboe Vest in 2017. Prior to joining Cboe Vest, Mr. Rubin served as Director of Portfolio Management at ProShares Advisors LLC from December 2007 to September 2013. Mr. Rubin also served as Senior Portfolio Manager of ProFund Advisors LLC from November 2004 to December 2007 and Portfolio Manager of ProFund Advisors LLC from April 2000 through November 2004. Mr. Rubin holds the Chartered Financial Analyst (CFA) designation. Mr. Rubin received a master’s degree in Finance from George Washington University. He also holds a bachelor’s degree in economics from Wharton School of Finance, University of Pennsylvania.
Karan Sood
Start Date
Tenure
Tenure Rank
Mar 02, 2021
1.25
1.3%
CEO & Managing Director, Head of Product Development
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.33 | 17.03 | 5.81 | 11.51 |